California's wine industry continues to expand, accounting for 75 percent of all wine -- both foreign and domestic -- consumed in the United States. The $9 billion industry took a look at itself recently during its annual financial symposium, which attracted hundreds of California's top wine executives. A highlight of the program was the wine industry financial survey, presented by Bob Smiley, dean of the UC Davis Graduate School of Management. "We have found that the dramatic increase in premium wine sales over the past three years is attributed to perceived health benefits and the improved economy," says Smiley. "However, price increases, increased foreign wine imports and grape shortages will have the most negative impact on wine sales over the next three years." Smiley also offered advice to the industry about how to extend the natural product-life cycle of brands and varietals.